相关论文: Enshrined Proposer Builder Separation in the prese…

Initially introduced to Ethereum via Flashbots' MEV-boost, Proposer-Builder Separation allows proposers to auction off blockspace to a market of transaction orderers, known as builders. PBS is currently available to validators through the…

Maximal extractable value (MEV) in which block proposers unethically gain profits by manipulating the order in which transactions are included within a block, is a key challenge facing blockchains such as Ethereum today. Left unchecked, MEV…

Block production on the Ethereum blockchain has adopted an auction-based mechanism known as Proposer--Builder Separation (PBS), where validators outsource block creation to builders competing in MEV--Boost auctions for Maximal Extractable…

With the emergence of Miner Extractable Value (MEV), block construction markets on blockchains have evolved into a competitive arena. Following Ethereum's transition from Proof of Work (PoW) to Proof of Stake (PoS), the Proposer Builder…

We provide an economic model of Execution Tickets and use it to study the ability of the Ethereum protocol to capture MEV from block construction. We demonstrate that Execution Tickets extract all MEV when all buyers are homogeneous, risk…

With Ethereum's transition from Proof-of-Work to Proof-of-Stake in September 2022 came another paradigm shift, the Proposer-Builder Separation (PBS) scheme. PBS was introduced to decouple the roles of selecting and ordering transactions in…

We present a comprehensive analysis of the implications of artificial latency in the Proposer-Builder Separation framework on the Ethereum network. Focusing on the MEV-Boost auction system, we analyze how strategic latency manipulation…

Ethereum, as a representative of Web3, adopts a novel framework called Proposer Builder Separation (PBS) to prevent the centralization of block profits in the hands of institutional Ethereum stakers. Introducing builders to generate blocks…

In this article, we develop an interdisciplinary analysis of MEV which desires to merge the gap that exists between technical and legal research supporting policymakers in their regulatory decisions concerning blockchains, DeFi and…

To address the risks of validator centralization, Proposer-Builder Separation (PBS) was introduced in Ethereum to divide the roles of block building and block proposing, fostering a more equitable and decentralized block production…

Blockchains protect an ecosystem worth more than $500bn with strong security properties derived from the principle of decentralization. Is today's blockchain decentralized? In this paper, we empirically studied one of the least…

We study builder-driven MEV arbitrage on BNB Smart Chain (BSC). BSC's Proposer-Builder Separation (PBS) adopts a leaner design: only whitelisted builders can participate, blocks are produced at shorter intervals, and private order flow…

This study investigates the rapid centralization of the Ethereum builder market under the Proposer-Builder Separation (PBS) architecture. We argue that existing research, by focusing predominantly on influential order flows, lacks a…

The Ethereum block-building process has changed significantly since the emergence of Proposer-Builder Separation. Validators access blocks through a marketplace, where block builders bid for the right to construct the block and earn MEV…

Currently, over 90% of Ethereum blocks are built using MEV-Boost, an auction that allows validators to sell their block-building power to builders who compete in an open English auction in each slot. Shortly after the merge, when MEV-Boost…

Multi-block MEV (MMEV) denotes the practice of securing k-consecutive blocks in an attempt at extracting surplus value by manipulating transaction ordering. Following the implementation of pro-poser/builder separation (PBS) on Ethereum,…

Maximal Extractable Value (MEV) drives the prosperity of the blockchain ecosystem. By strategically including, excluding, or reordering transactions within blocks, block producers can extract additional value, which in turn incentivizes…

The current Proposer-Builder Separation (PBS) equilibrium has several builders with different backgrounds winning blocks consistently. This paper considers how that equilibrium will shift when transactions are sold privately via order flow…

We analyze maximal extractable value in multiple concurrent proposer blockchains, where multiple blocks become data available before their final execution order is determined. This concurrency breaks the single builder assumption of…

The MEV-Boost block auction contributes approximately 90% of all Ethereum blocks. Between October 2023 and March 2024, only three builders produced 80% of them, highlighting the concentration of power within the block builder market. To…